|December 09, 2009|
Minco Silver Makes a Firm Offer to Acquire Sterling Mining Company
|Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) is pleased to announce that the Company has made a firm offer of USD$12,500,000 to acquire a 100% interest in Sterling Mining Company ("Sterling"). |
On December 2, 2009 Sterling filed with the United States Bankruptcy Court in the District of Idaho (the "Court") a disclosure statement providing information concerning Sterling's proposed plan of reorganization indicating that Minco Silver's offer is the best offer.
Pursuant to the provisions of Sterling's plan of reorganization Minco Silver will credit bid the full amount of its' secured claim estimated at USD$9,400,000, with the balance (approximately USD$3,100,000) paid in cash.
Minco Silver continues to fund Sterling's expenses associated with the care and maintenance of the Sunshine Mine and all of its' administrative costs pursuant to the terms and conditions of the Court approved Supplemental Post Petition Secured Financing Agreement.
About Minco Silver
Minco Silver Corporation (TSX: MSV) is a TSX listed company focusing on the acquisition and development of silver dominant projects. The Company owns 90% interest in the world class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. Minco Silver is extremely pleased with the positive results of its Bankable Feasibility Study demonstrating a robust deposit is and is working towards bringing the Fuwan Silver Deposit into production. For more information on Minco Silver, please visit the website at www.mincosilver.ca or contact Ute Koessler at 1-888-288-8288 or (604) 688-8002 firstname.lastname@example.org.
"Dr. Ken Z. Cai"
Chairman & CEO
The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release. Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. The Company undertakes no obligation and has no intention of updating forward-looking statements.
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